Revolut deals with money laundering reports

01 March 2019

The CFO has also resigned.

Revolut users are expressing concerns as they have been unable to access funds from their accounts over a number of hours today.

The mobile banking app rapidly rose to popularity over the past year as it allows people to transfer money significantly easier than other banking methods. The cards can also be used like your standard bank card at ATM machines all over the world and with contactless payment.

Revolut really has been the dream, especially on group nights out when we want to split a bill or when travelling abroad.

Now, however, things have taken an interesting turn as recent reports are suggesting that Revolut may have allowed thousands of illegal transactions to pass through the app.

Following the reports, CFO of the company Peter O’Higgins’ resigned from the company, said to be worth 1.7 billion dollars. The Telegraph reported that the resignation was unconnected with the money laundering accusations.

They continued to report that Revolut’s board had launched an internal investigation last year into a "failing" in the online bank’s sanction screening system.

On Friday morning, a number of users took to social media to complain that they had been unable to add any funds to their account, with others claiming their account had been "frozen".

Revolut servers are down. Would be not cool if I had all my funds there. Come on @revolutapp you can’t compete with banks if this type of stuff happens #Revolut#Servers

@RevolutApp Urgent! Have just arrived in London. Had my card frozen until I got here and have been trying to unfreeze and keeps giving me error of “We’re sorry. Something has gone wrong. Try again later”. I have no funds with me apart from my Revolut card!!!

Commenting on reports that the CFO has resigned because of the accusations, Revolut CEO Nikolay Storonsky said “Peter has since expressed to me that he has been hurt by this suggestion and sad that his departure has been tainted in this way,"

"Any suggestion that Peter's resignation is in any way, shape or form connected to this roll-out is utterly false and damaging."